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Waterstones left little to the imagination when it spelt out the reasons behind its takeover of rival bookseller Foyles. It wanted to create an antidote to the “siren call” of online rival Amazon, managing director James Daunt said when the tie-up was sealed earlier this month.

The deal closed the chapter on 115 years of family-ownership at Foyles, but also marked a key moment on the high street. For Daunt, the move ensured Waterstones and Foyles would be “stronger and better positioned” to protect the future of the high street bookshop. By bringing the chain under its control, Waterstones had effectively become the last man standing among national high street booksellers. While WH Smiths also...